June 19, 2014

Buy or lease a car: What makes more financial sense to you?

By Peter Neil 

Should I buy or lease a car? frequently asked question !

Simple enough. Buy if you want to keep it long (longer than five to ten years), and lease if you like to change new car models every year. Does it get any easier?
Knowing what works and what doesn't when it comes to buying or leasing a car can be very tricky, especially if you've never had a vehicle before. In order for you to make a sound decision, there are several guidelines, do’s and don’ts shared by experienced auto-mobile marketers and by people who have experienced buying or leasing a car.
I know from experience that buying a car is a sensible decision, if you are not on a tight budget and can afford the price. It makes more financial sense to you in the long run.
If you are going to drive a car for long (say a decade or more) or want to keep it permanently, then your best bet is to go for buying option. Forget leasing as it will only frustrate you in that case.
Lease a car if you intend to drive it for a year or two or three. Leasing is good for those who want to drive latest models. Usually, businessmen, doctors, lawyers, politicians and sportsmen lease vehicles.
Also, be mindful that leasing companies or banks typically demand rigorous mileage requirements.

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